VANCOUVER, British Columbia, March 05, 2020 (GLOBE NEWSWIRE) -- SHARC International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) ("SHARC" or the “Company”) announced today it has agreed with insiders and consultants to amend the terms of the common share purchase warrants issued pursuant to the $650,000 private placement that closed on February 11, 2020 in which the Company issued 10,000,000 units (each, a “Unit”) at a price of $0.065 per Unit. Each unit consists of one common share (each, a “Share”) and one common share purchase warrant (each, a “Warrant”).
Each Warrant is exercisable into one Share at a price of $0.10 for a period of two years from closing. In the event that the Company’s shares trade above $0.25 for a period of 10 consecutive trading days at any time after the closing of the Financing, the Company may accelerate the expiry date of the Warrants by giving notice to the holders thereof and in such case, the Warrants will expire on the 30th day after the date of giving such notice.
Insiders and consultants have voluntarily agreed to amend the exercise price to $0.25 from $0.10 for 7,027,596 Warrants (“Amended Warrants”) out of the total 10,000,000 issued in the series. In the event that the Company’s shares trade above $0.45 for a period of 10 consecutive trading days at any time after the closing of the Financing, the Company may accelerate the expiry date of the Amended Warrants by giving notice to the holders thereof and in such case, the Warrants will expire on the 30th day after the date of giving such notice.
The amendment is effective immediately and further validates insider’s belief in the Company and its future prospects.
About SHARC International Systems
SHARC International Systems Inc. is a world leader in thermal heat recovery. SHARC systems recycle thermal energy from wastewater, generating one of the most energy efficient and economical systems for heating, cooling & hot water preheating for commercial, residential and industrial buildings. SHARC is publicly traded in Canada (CSE: SHRC), the United States (OTCQB: INTWF) and Germany (Frankfurt: IWIA).
Further information about the Company is available on our website at www.sharcenergy.com or under our profile on SEDAR at www.sedar.com.
ON BEHALF OF THE BOARD
“Lynn Mueller”
Chairman and Chief Executive Officer
For further information, please contact:
Investor Relations
Phoenix Group
Jason Shepherd
SHARC International Systems Inc. Telephone: (250) 212-2122
Email: ir@sharcenergy.com
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. SHARC's actual results could differ materially from those anticipated in this forward-looking information as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Company. SHARC believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company's expectations as of the date hereof, and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.